The financial statement of the Harvard Business School for the year 1921-22 just given out shows a surplus for the School of $23,468.49. This unusually large gain confirms the recently expressed opinion of Dean W. B. Donham '98, that, at the present rate of tuition, the School can be successfully conducted without operating deficits.
In the year 1920-21, the accounts of the School showed a deficit of approximately $76,000, while the year before the shortage was well over $20,000. The method by which these conditions have been changed, has been, in the main, an increase in the tuition fee. On account of the established of a loan fund of over $30,000 this increase has not been a hardship to students who have been unable to meet it immediately.